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SYNT Synthomer Plc

2.70 (1.5%)
07 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Synthomer Plc SYNT London Ordinary Share
  Price Change Price Change % Share Price Last Trade
2.70 1.5% 182.50 16:35:20
Open Price Low Price High Price Close Price Previous Close
182.00 171.80 182.60 182.50 179.80
more quote information »
Industry Sector

Synthomer SYNT Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 28/11/2023 17:48 by wigwammer
Fair enough, rct. I really have little idea whether fundamentals here will get better or worse on a 12 month view. But I suspect the valuation is already reflecting a bearish consensus... Over the medium term I think SYNT will recover and the shares multiply. IMO etc..
Posted at 27/11/2023 22:40 by darrin1471
wigwammer. Thanks for the heads up on McBride 18 months ago. Last months rise makes it my biggest holding. I continue to hold MCB as I see further upside in re-valuation and even higher profits.

I've had SYNT on a watch list for a few months and now the dust has settled I have taken a deeper look and I quite like the look of what I see.
The strategy of a specialist chemicals company looks sound. The price SYNT paid for Omnova and Eastman’s Adhesive Resins looks reasonable.
The Eastman’s timing is unfortunate but at the time of the acquisition (28/10/2021) BofE rates were 0.1%, we were exiting covid and the SYNT share price was near all time highs.
The sale of non core business and the return of normal trading conditions should lead to a significant recovery.
I hold no position in SYNT at the moment.
Posted at 23/11/2023 22:23 by wigwammer
Ah. So the EV is not "north of a billion" at all. Thought not and thanks for correcting... In reverse order - of course, the enterprise value of the company is higher than its market value. Nobody stated otherwise and it is true of all company's with net debt. But 0.4x EV:Sales puts SYNT amongst the lowest valued majors in the sector. Your negativity is highly consensual and may well be priced in... Nobody stated that trading "within expectations" would result in price appreciation, in fact when meeting expectations one should expect little price reaction at all... Poor management has been a disaster, I suspect their hands are now tied by lenders. If you don't understand why this can be favourable for leveraged companies - take a look at McBride over the last 12 months... And I think me and WB will be taking "the moat" and you can keep your superstar management... "When a management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact". ATB
Posted at 06/11/2023 14:42 by darrin1471
ham: from your sharecast link:
"Synthomer was a classic early cycle share"
"weaker volume outlook in 2024 for the construction-and-coatings linked component of sales."

About 40% of SYNT revenue comes from coatings & construction solutions. IMO this cycle is different from the GFC as interest rates were slashed during the GFC and today we are only just entering a period of "for higher and longer" interest rates. If the narrative remains higher and longer then construction still has a way to fall and the cycle has several years before it turns.
Posted at 17/10/2023 19:13 by turvart
The stupid thing about all this is 18 months ago SYNT was trading at around 320p and I was trading it, I've had immense good luck with timing where I got back out and then starting buying again at around the 125p mark trading about 5-7% and taking the profit of which I did about 3 times and decided my luck is probably up and watched it retrace again. I'm back into it from last week but my holding is very tiny at 500 shares I purchased @ 215p. The madness that keeps going through my mind is the 500 I hold now would of been 10,000 shares and 18 months ago would of been worth around 32K, just utter madness.

Personally I honestly feel this will come good, I'm only betting small but I hope to see this get over 1000p at least, it could even 10 bag, if I'm wrong I've only lost just over a grand.
Posted at 15/10/2023 15:05 by turvart

Yes I have left in goodwill as SYNT is a going concern and as of yet not being broke up by receivership, most of the goodwill would have been from the Eastman's acquisition and any previous acquisitions adjusted, as Eastman's was only purchased on a P/E of 8 from memory (I will be corrected if I'm wrong on that) then I consider the goodwill to be an asset.

The EPS figures will look so much more attractive now from next year regarding full year results as there is now only approx 163.5 MLN shares in issue rather than the previous 468 MLN shares. This is why SYNT is a longer term investment rather than a quick in and out (Not saying that can't be done either at these levels).
Posted at 15/10/2023 07:55 by turvart
Let me just quickly show people why SYNT is so under valued.

These are figures taken from the 6 months interim results ending 30th June 2023.

Total assets including intangibles = £2.681 BLN

Total liabilities = = £1.718 BLN

This then gives Net assets of £963 MLN.

If I actually then write off the Intangible assets (Because Intangible assets can be debated what there actual net worth is) then SYNT have 963 - 543 (Intangible assets).

= Net assets of £420 MLN (Excluding Intangible assets)

We then have the money from the Rights Issue of which should be after expenses some £261 MLN.

So this is what I would IMO refer to as NAV = 420 + 261 = £681 MLN

With approx currently 163.5 MLN shares in issue now this gives:

681/163.5 = NAV = 416p
Posted at 03/10/2023 06:45 by typo56
That's 6% of the current SYNT shares, which will be less than 1% of SYNT in a couple of weeks time, unless they take up the rights.

However, given the timing of the declaration, it may be the shares were bought ex-rights, so won't have rights entitlement.
Posted at 28/9/2023 08:51 by typo56
TERP is 275.9p. SYNT is trading at 260p. Even if SYNN tracks 197p below SYNT that's a drop of 7*15.9p = 111.3p in value on yesterday's close, or 15%.

Clearly it didn't pay to hold out for the rights
Posted at 12/5/2022 23:22 by al101uk
Sorry i've been tying myself in knots here... but finally figured it out...

The company states this about it's dividend payments:

"The Board maintains a dividend policy of 2.5 times earnings cover."

Looking at broker forecasts:


Consensus is for a 20% dip in profits, but a dividend cut that is completely out of proportiion with that numbers, closer to 50%.

This years earnings were 48p and they paid a dividend of 30p. The cover for this year was only 1.6x, not 2.5x

So at consensus earnings of 42.5p and adjusting the dividend to 2.5x we end up with a large cut in dividend.

48 / 1.6 = 30p

42.5 / 2.5 = 17p

The question is, why did the company pay a dividend that does not conform to their dividend policy.

The answer lies in a second statement regarding dividends in the results:

"The total dividend for the year is in line with the Group’s dividend policy with the dividend representing 40% of the underlying earnings per share"

"Underlying" is the key term here. This years underlying EPS is 75.2p and DOES cover this years dividend 2.5x.

75 / 2.5= 30p

The brokers have used the wrong earnings number to calculate the forecast yield. Assuming a 20% fall in underlying earnings per share (which isn't a given by any means) you get a Dividend yield of around 24p.

Underlying could obviously move in either direction in relation to EPS depending on how extrodinary one off costs were last year and how they relate to next results.

I'm reasonably confident that all things being equal any dividend cut will be a relatively a small one.

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